Artificial Lift Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: National Oil Well Varco Inc., Weatherford, OILSERV, JJ Tech

The global artificial lift market is expected to grow at a 5.8% CAGR from USD 8.5 billion in 2021 to USD 10.9 billion by 2027.

Artificial Lift Market Overview

The Artificial Lift Market Value is predicted to rise in the next years. In essence, artificial lift is a reliable way for boosting pressure in oil wells. As a result, they're employed to bring oil to the surface for both new and old oil wells. Artificial lifts also help to increase productivity and ROI by lowering lifting expenses. The industry is expected to gain impetus as a result of expanding fossil fuel consumption and a growing number of mature reservoirs with large amounts of crude oil. Furthermore, fluctuating oil prices are urging oil corporations to reduce the cost of producing a barrel of oil, resulting in increased demand for EOR techniques such as artificial lift systems over the projection period.

Lifting systems are used to boost the productivity of deep-water gas lift wells and subsea production wells in offshore applications. As a result, market growth is expected to be aided by increased deep-water oil production. Traditional oil and gas sources are dwindling at the price of future energy demands as a result of growing modernization. As a result, corporations have been obliged to focus on unconventional gas resources in order to meet end-user demand. As a result, unconventional gas production is seen as a significant opportunity for market participants.

Industry News and Updates

November 17, 2020: ChampionX and Modumetal Collaborate To Develop Production Technology--

Chemistry solutions and equipment technologies company ChampionX is combining its research and development capabilities with nanotechnology company Modumetal, and its materials and processes, in an exclusive collaboration agreement to drive production-related technology developments. 

What are the major Applications, Types and Regions for Artificial Lift Market?

Market is segmented based on the type, applications, companies and regions.

By Type, it is segmented into

• Rod Lift


• ESP


• PCP


• Hydraulic Pumps


• Gas Lift


• Plunger Lift

By Application, it is segmented into

• Onshore


• Offshore

Artificial Lift Market Regional Analysis

The US market accounts for more than 40% of all artificial lifts deployed globally. Artificial lift system market share in North America has increased as a result of technological advancements and increased exploration activities. Oil output increased in 2018 as a result of new projects and expansion in the Gulf of Mexico basin. Texas, the Permian Basin, Oklahoma, Alaska, and North Dakota are significant counties where production is at an all-time high, indicating that the market in North America is expected to rise. Europe is anticipated to increase significantly as a result of exploration activities in the North Sea region, in which Norway, Germany, and the United Kingdom all play important roles. European countries are ahead of the game when it comes to adopting and producing innovative technologies, which drives the ESP industry. Sucker Rod Pump will, as a result, play a significant role in the entire artificial market in Europe. Chinese oil exploration efforts are the most prevalent in APAC, followed by Indonesia and the Philippines.

• North America
  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin America
  
  
  
  

The Artificial Lift Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Artificial Lift Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.

What is our Artificial Lift Market report scope?

Frequently Asked Questions

What is the growth rate of Artificial Lift Market?

The Artificial Lift Market is growing at a CAGR of 5.8% over the next 5 years.

Who are the key players in Artificial Lift Market?

National Oil Well Varco Inc. (US), Weatherford (US), OILSERV (UAE), JJ Tech (US), Flotek Industries Inc. (US), Schlumberger (US), Haliburton (US), Dover Corporation (US), AccessESP (US), Novomet (Russia), GE Oil and Gas (US), John Crane Group (US), Baker Hughes Company (US), Apergy (US), Borets International (Russia), Cameron

What are the significant types of Artificial Lift Market?

Rod Lift, ESP, PCP, Hydraulic Pumps, Gas Lift, Plunger Lift

What are the major end-use applications of Artificial Lift Market?

Onshore, Offshore

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